At the height of the pandemic, countries worldwide closed their borders to stem contagion, bringing economic activities to nearly a standstill. This left many firms with no choice but to redesign their business models and fast-track digitalization. More than two years on, countries worldwide have accepted that the virus will not completely disappear. The pandemic is transiting into an endemic phase, with a baseline number of people constantly affected by the disease. Countries worldwide have opened their borders; businesses have gradually moved back onto the growth trajectory. Traveling activities have resumed and increased significantly, though they have not reached the same level as Pre-COVID. It will become a new normal for people to learn to adapt and live with the virus.
{"title":"Introductory Note","authors":"T. Sing","doi":"10.53383/100349","DOIUrl":"https://doi.org/10.53383/100349","url":null,"abstract":"At the height of the pandemic, countries worldwide closed their borders to stem contagion, bringing economic activities to nearly a standstill. This left many firms with no choice but to redesign their business models and fast-track digitalization. More than two years on, countries worldwide have accepted that the virus will not completely disappear. The pandemic is transiting into an endemic phase, with a baseline number of people constantly affected by the disease. Countries worldwide have opened their borders; businesses have gradually moved back onto the growth trajectory. Traveling activities have resumed and increased significantly, though they have not reached the same level as Pre-COVID. It will become a new normal for people to learn to adapt and live with the virus.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"27 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84469168","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines the symmetric and asymmetric effects of house price changes and a few other macroeconomic variables on durable and non-durable consumption separately. The study considers the nonlinear panel Autoregressive Distributed Lag (ARDL) approach (Pooled Mean Group (PMG) estimation (Pesaran, 1997; Pesaran et al., 1999)) for cointegration and error-correction modeling, and uses annual data from fifty states of the U.S. The results show that changes in house prices have asymmetric effects on both durable and non-durable consumption in the long run. To dig deeper into the relationship between house price and consumption, I divide the fifty U.S. states into three categories: high-, middle- and low-income states. This helps to examine how the responsiveness of durable and non-durable consumption varies across these three categories. The findings show that the low-income states are affected more by changes in house prices than that of the high- and middle-income states.
本文分别考察了房价变化和其他一些宏观经济变量对持久消费和非持久消费的对称和非对称影响。该研究考虑了非线性面板自回归分布滞后(ARDL)方法(Pooled Mean Group (PMG)估计)(Pesaran, 1997;Pesaran et al.， 1999))进行协整和误差校正建模，并使用来自美国50个州的年度数据。结果表明，从长远来看，房价的变化对耐用和非耐用消费都有不对称的影响。为了更深入地研究房价与消费之间的关系，我将美国50个州分为三类:高收入州、中等收入州和低收入州。这有助于检查在这三个类别中持久和非持久消费的响应性如何变化。研究结果表明，与高收入和中等收入国家相比，低收入国家受房价变化的影响更大。
{"title":"Impact of House Price Changes on Durable and Non-Durable Consumption in the United States","authors":"Sujata Saha","doi":"10.53383/100357","DOIUrl":"https://doi.org/10.53383/100357","url":null,"abstract":"This paper examines the symmetric and asymmetric effects of house price changes and a few other macroeconomic variables on durable and non-durable consumption separately. The study considers the nonlinear panel Autoregressive Distributed Lag (ARDL) approach (Pooled Mean Group (PMG) estimation (Pesaran, 1997; Pesaran et al., 1999)) for cointegration and error-correction modeling, and uses annual data from fifty states of the U.S. The results show that changes in house prices have asymmetric effects on both durable and non-durable consumption in the long run. To dig deeper into the relationship between house price and consumption, I divide the fifty U.S. states into three categories: high-, middle- and low-income states. This helps to examine how the responsiveness of durable and non-durable consumption varies across these three categories. The findings show that the low-income states are affected more by changes in house prices than that of the high- and middle-income states.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"25 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84606822","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines the unique context of the public housing resale market in Singapore over a 29-year period (1990 to 2018). We find that, on average, there is a price premium for housing units with a longer-term lease. This premium effect is significant and nonlinear after controlling for size, floor level, macroeconomic conditions, as well as year and location fixed effects. Specifically, the town and street fixed effects address the concern that older (but established) districts are characterized by more reputable schools and infrastructure such as health care offerings and shopping malls, while developing districts have innovative facilities with a fresh contemporary outlook as that of modern satellite towns. We document a different lease premium in mature towns as compared to that of the new towns, which captures the different concerns of buyers in combination with location and other characteristics of the houses.
{"title":"Aging like fine wine: a Singapore public housing story","authors":"Bin Li, Fei Gao, Seck L. Tan","doi":"10.53383/100358","DOIUrl":"https://doi.org/10.53383/100358","url":null,"abstract":"This paper examines the unique context of the public housing resale market in Singapore over a 29-year period (1990 to 2018). We find that, on average, there is a price premium for housing units with a longer-term lease. This premium effect is significant and nonlinear after controlling for size, floor level, macroeconomic conditions, as well as year and location fixed effects. Specifically, the town and street fixed effects address the concern that older (but established) districts are characterized by more reputable schools and infrastructure such as health care offerings and shopping malls, while developing districts have innovative facilities with a fresh contemporary outlook as that of modern satellite towns. We document a different lease premium in mature towns as compared to that of the new towns, which captures the different concerns of buyers in combination with location and other characteristics of the houses.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"115 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85990385","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Among the well-known asset pricing anomalies in U.S. common stocks (i.e. size, value, momentum, investment, and profitability), only investment and momentum premiums are significant in the REIT industry. According to the q-theory, the investment effect turns significant because REIT firms tend to expand (extract) their assets when discount rates are low (high), thereby investment has statistical power to explain for REIT returns. Even though the insignificant effect of probability in REITs challenges the explanation of the q-theory, we provide evidence that profitability, in fact, controls the momentum. Our results indicate market inefficiency as investors who have a better understanding of the significant investment and momentum premiums perform better than others.
{"title":"Anomalies in U.S. REIT Returns: Evidence for and against the Q-theory","authors":"Wikrom Prombutr, Chanwit Phengpis, Ying Zhang","doi":"10.53383/100356","DOIUrl":"https://doi.org/10.53383/100356","url":null,"abstract":"Among the well-known asset pricing anomalies in U.S. common stocks (i.e. size, value, momentum, investment, and profitability), only investment and momentum premiums are significant in the REIT industry. According to the q-theory, the investment effect turns significant because REIT firms tend to expand (extract) their assets when discount rates are low (high), thereby investment has statistical power to explain for REIT returns. Even though the insignificant effect of probability in REITs challenges the explanation of the q-theory, we provide evidence that profitability, in fact, controls the momentum. Our results indicate market inefficiency as investors who have a better understanding of the significant investment and momentum premiums perform better than others.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"46 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80849592","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In recent years, it has been shown that the dynamics of office markets are asymmetric depending on the market conditions and the direction of supply and demand shocks. However, the actual state of asymmetry varies significantly from market to market, and an overview of the discussion is needed. In this study, we test our hypothesis on asymmetric dynamics in the Tokyo office market, one of the world's largest markets. We employ the rent-adjustment process model proposed by Englund et al. (2008), an improved and more realistic version of the error correction model that captures the interaction between rent, vacancy rates, and stock. The data of the Tokyo office market range from January 2000 to September 2015 and cover ten regions. The results reveal that the mechanism of rent and vacancy rate fluctuation depends largely on the direction of change in supply and demand and on market conditions, especially the upward and downward movements of rents. It is also shown that increases in demand and supply not only encourage rents toward equilibrium, but also have the effect of overshooting them. These results can be valuable in properly capturing future shocks in demand and supply.
{"title":"Asymmetric Dynamics of Rent and Vacancy Rates in the Tokyo Office Market","authors":"Kazushi Matsuo, M. Tsutsumi, T. Imazeki","doi":"10.53383/100355","DOIUrl":"https://doi.org/10.53383/100355","url":null,"abstract":"In recent years, it has been shown that the dynamics of office markets are asymmetric depending on the market conditions and the direction of supply and demand shocks. However, the actual state of asymmetry varies significantly from market to market, and an overview of the discussion is needed. In this study, we test our hypothesis on asymmetric dynamics in the Tokyo office market, one of the world's largest markets. We employ the rent-adjustment process model proposed by Englund et al. (2008), an improved and more realistic version of the error correction model that captures the interaction between rent, vacancy rates, and stock. The data of the Tokyo office market range from January 2000 to September 2015 and cover ten regions. The results reveal that the mechanism of rent and vacancy rate fluctuation depends largely on the direction of change in supply and demand and on market conditions, especially the upward and downward movements of rents. It is also shown that increases in demand and supply not only encourage rents toward equilibrium, but also have the effect of overshooting them. These results can be valuable in properly capturing future shocks in demand and supply.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"23 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87338986","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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